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Item 4E - ED Master Plan AddendumINC;- - w/-- 7.�-"IJA- YAWAWAWA;;�� Adopted by the Southlake City Council on MONTH DAY, 2021 Ordinance No. #### loco MEN � A� all Prepared by City of Southlake Department of Economic Development & Tourism M • la aco $OUTKIgKE"LAXt Meoi 'gag N The City adopted its first Economic Development & Tourism Master Plan in 2011. In 2016, following a thorough review and assessment of economic development needs and priorities, the Southlake Community Enhancement and Development Corporation (CEDC) recommended adoption of an updated economic development master plan to guide the City's next phase of strategic economic development efforts. The Southlake City Council approved adoption of the updated plan in October 2016 as an element of the City's Southlake 2035 Comprehensive Plan and since its adoption, City staff has worked in partnership with the CEDC and City Council to implement the plan's recommendation. Though the recommendations continue to be implemented, the unprecedented COVID-19 pandemic that began to be felt by Southlake in 2020, required the City to reassess its economic strategies and priorities to assist businesses and support Southlake's economic recovery. The long term impacts of the COVID-19 outbreak on Southlake's business community and economy remain to be seen and fully understood. It is critical however to take steps quickly to respond to what is known to strategically guide the City's economic development response and recovery efforts. As such, City of Southlake City Council developed this addendum to the master plan to address the community's short term needs and begin looking at recovery efforts. This addendum serves to supplement the City's existing Southlake 2035: Economic Development Master Plan. While the existing recommendations and strategies of the current master plan serve the City well and help achieve its larger economic goals, the recommendations and strategies established in this addendum will help address both the short-term and long-term economic challenges of the pandemic. This addendum guides the City to: identify critical pain points in industries and shopping destinations, engage local businesses to boost local hiring and address hiring needs, engage anchors in long-term local economic recovery efforts, effectively communicate Southlake's advantageous location and business -friendly environment, capitalize on open public spaces as an asset to support local businesses, develop initiatives geared towards health and safety, prepare for a more long-term remote work environment, create a support system for remote workers to engage and connect them to the local community, focus talent recruitment efforts, mobilize financial assistance, develop creative economic solutions, assist in protecting front line service employees and visitors, and focus local efforts on industries impacted by the pandemic most significantly. Southlake Economic Development Strategic Goals The City of Southlake has ongoing strategies and priorities in place that will assist in further development of a successful economic development program; however, recognizing the current situation requires specific responses to unique and emerging circumstances, the following goals and outcomes were developed to guide the City's economic recovery response efforts. If successful, Southlake's recovery efforts will: 01 Grow the Economy Achieve economic prosperity through tax and employment base growth, attracting investment of private capital into our economy that grows jobs, creates opportunity, increases tax revenue. Elevate the Southlake Brand and Value Proposition Southlake is recognized as a vibrant community where businesses thrive. Promote Tourism Southlake is recognized, both nationally and regionally, as a great place to visit for shopping, dining, recreation and overnight stays. Support Businesses Southlake is recognized as a city where the business community is valued and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service nag Improve Local Economic Health Economic health metrics (or indicators) will equal or exceed pre-COVID19 levels. Collaborate for Success The business community, in partnership with the City, will nurture the growth and prosperity of Southlake businesses. 2020 Addendum Adoption Process It is important to recognize that a great deal of evaluation, analysis and consideration was done by the CEDC Board of Directors and the Southlake City Council with the development of the Economic Development Master Plan in 2016. Taking those efforts into consideration, this addendum was developed utilizing the framework of the original plan. Consideration of key economic development principles such as Business Attraction, Business Retention, Public Investment and Communication / Marketing were also used to guide the efforts in this addendum. With feedback provided by the Economic Recovery Task Force and data observed since the onset of the pandemic, staff developed strategies and recommendations to address both the short-term and long-term community needs. The economic health indicators (shown on the next page) were also evaluated and JO 0O v)2035 010[• 9 • IJjy MEN MEMA • _ • considered during the development of these recommendations of this addendum. These economic health indicators also helped establish a baseline to understand and interpret the recovery efforts being implemented. As the City implements these addendum recommendations, the City's economic health indicators will serve as the compass in ensuring Southlake is returning to pre -pandemic levels and headed towards sustainable economic growth. Community Enhancement and Development Corporation (CEDC) On September 22, 2020 City staff presented a draft of the proposed strategic goals, recommendations, and a timeline for approval of the addendum to the board. The board provided feedback to City staff, modifications to the priority tiers and some adjustments to the language of some of the recommendations. On January 26, 2021 City staff presented the proposed Economic Development Master Plan Addendum to the CEDC. The board recommended approval (7-0) of the Addendum as presented. Southlake Program for the Involvement of Neighborhoods (SPIN) On October 27, 2020 City staff presented an overview of the strategies and recommendations of the Economic Development Master Plan Addendum to the community. The recording of this presentation can be found on the City of Southlake's website under Video -On -Demand. Planning & Zoning Commission Reserved for the motion of the Planning & Zoning Commission scheduled for February 4, 2021. City Council Reserved for the motion of the City Council JO v)2O35 Plan ID Guiding Principle /Vision .. l Statements Implementation Strategies Fiscal Year Utilizing relevant economic Grow the Economy: Achieve health data, evaluate economic prosperity through tax Southlake's commercial and employment base growth, centers and work with EDA1 attracting investment of private property owners to identify FY 2022 capital into our economy that challenges and potential grows jobs, creates opportunity, solutions to filling vacant increases tax revenue Improve and strengthen spaces in the post -pandemic existing commercial retail centers and office economic environment developments Assess the business environment for surviving Improve Local Economic Health: businesses and industries, EDA2 Economic health metrics will identifying locations that FY 2021 equal or exceed pre-COVID19 have become most impacted levels and incorporate into the commercial site assessments for implementation Support Businesses: Southlake Create an environment that is recognized as a city where the encourages, values and business community is valued supports entrepreneurship Partner with local businesses EDA3 and nurtured through support and builds value from and organizations to sponsor FY 2022 services which are relevant, within by supporting those informal classes or lectures helpful, welcoming and delivered businesses or assets who related to entrepreneurship in a timely manner with superior have been a contributor to customer service our community Grow the Economy: Achieve Support industry sectors Re-evaluate the market economic prosperity through tax that are innovative and to understand changes or and employment base growth, have high job growth, additions to target industries EDA4 attracting investment of private high value potential to and develop specific FY 2022 capital into our economy that provide future economicdevelopment strategies for each targeted grows jobs, creates opportunity, opportunities sector. Document in target increases tax revenue market analysis worksheets Plan ID Guiding Principle /Vision .. l Statements Implementation Strategies Fiscal Year Conduct an evaluation of Collaborate for Success: workforce needs and develop The business community, Support regional a plan that identifies needs EDA5 in partnership with the City, workforce attainment and and strategies (such as FY 2024 will nurture the growth and development targeted job fairs) that support prosperity of Southlake developing the local workforce businesses in alignment with identified needs Support Businesses: Southlake Update the business is recognized as a city where the resource center materials business community is valued to provide quick, easy and nurtured through support access to workforce needs, EDA6 services which are relevant, opportunities using the FY 2022 helpful, welcoming and delivered feedback obtained from the in a timely manner with superior Support regional annual business climate customer service workforce attainment and survey and other feedback development received from top employers Collaborate for Success: Develop a workforce needs The business community, assessment and work with EDA7 in partnership with the City, higher education/technical FY 2023 will nurture the growth and institutions to implement prosperity of Southlake training and education needs businesses of Southlake businesses s r- as WPM JO 0O v)2O35 1 i i ti N ek to Plan Guiding • •Goal Statements Implementation StrategiesID Fiscal Year Collaborate for Success: Create an economic The business community, recovery small business EDA8 in partnership with the City, will nurture the growth and Identify and respond to rant program that supports 9 p 9ram Pp FY 2021 prosperity Southlake gaps in state and federal achievement of economic businesses business aid programs health goals related to COVID-19 Collaborate for Success: recovery that can The business community, reasonably be filled by the Create a marketing matching EDA9 in partnership with the City, City of Southlake program for Southlake FY 2021 will nurture the growth and hotels, funded through the prosperity of Southlake Hotel Occupancy Tax Fund businesses Support Businesses: Southlake is recognized as a city where the Serve as a connector Execute a direct marketing business community is valued to aid small businesses and outreach strategy EDA10and nurtured through support seeking assistance to local businesses and FY 2021 services which are relevant, through local, state and entrepreneurs to ensure they helpful, welcoming and delivered programs. are aware of federal, state in a timely manner with superiorfederal and local programs customer service Support Businesses: Southlake Evaluate local regulations is recognized as a city where the that have been temporarily business community is valued Identify non -monetary adjusted during the EDA11 and nurtured through support incentives that can pandemic and make FY 2021 services which are relevant, support continued recommendations regarding helpful, welcoming and delivered business growth ongoing practices to ease, in a timely manner with superior where it makes sense, local customer service regulations (short-term) r " IVA A 6� 116 qLqi4 Support Businesses: Southlake is recognized as a city where the business community is valued EDA12 and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Support Businesses: Southlake is recognized as a city where the business community is valued EDA13 and nurtured through support services which are relevant, helpful, welcoming and delivered in a timely manner with superior customer service Collaborate for Success: The business community, EDA14 in partnership with the City, will nurture the growth and prosperity of Southlake businesses Identify non -monetary incentives that can support continued business growth Evaluate local ordinances for changes and relief for accommodation, retail and restaurant industries (long-term evaluation of needs) Collaborate with internal stakeholders to provide enhanced customer services for permitting (such as online services) based on feedback received from end -users Work with larger businesses to promote the purchasing of local goods and services, using the size and scale of these businesses to increase demand for local goods and services FY 2023 FY 2021 FY 2023 JO 0O v)2O35 Plan Implementation ID Guiding Principle /Vision .. l Statements Strategies Fiscal Year Support Businesses: Southlake Form an Economic is recognized as a city where the Recovery Task Force with business community is valued local representatives of the EDA15 and nurtured through support business community and FY 2020 services which are relevant, their respective industries helpful, welcoming and delivered focused on advising and in a timely manner with superior providing feedback on the customer service City's recovery efforts Support Businesses: Southlake Increase collaboration, Leverage business expertise is recognized as a city where the coordination and of the CEDC Board of business community is valued communication between Directors to establish EDA16and nurtured through support the City and the business Southlake-centric round- FY 2021 services which are relevant, community tables to discuss relevant helpful, welcoming and delivered business and economic in a timely manner with superior customer service issues Elevate the Southlake Brand and Launch an open for business Value Proposition: Southlake campaign in partnership EDA17 is recognized as a vibrant with the local stakeholder FY 2023 community where businesses groups that highlights local thrive businesses Support Businesses: Southlake Execute a survey that is recognized as a city where the Develop non -visitation assesses the impact business community is valued methods to enable of COVID-19 on local EDA18 and nurtured through support additional communication businesses in order to FY 2020/2021 services which are relevant, and feedback from develop strategies to assist helpful, welcoming and delivered business in economic recovery of the in a timely manner with superior community customer service 0 —00 L �L14AAh it wh&� , 16, N kc Mk bill.—M 'Addd i %L&M kL: Plan Implementation ID Guiding Principle /Vision Goal Statements Strategies Fiscal Year Support Businesses: Southlake is recognized as a city where the Develop non -visitation Contact local businesses business community is valued methods to enable annually, obtaining EDA19 and nurtured through support additional communication informational updates FY 2021 services which are relevant, and feedback from through the City's newly helpful, welcoming and delivered business adopted economic in a timely manner with superior development software customer service Promote Tourism: Southlake Collaborate with tourism Work with local hotels is recognized, both nationally partners to emphasize p to establish a recovery EDA20 and regionally, as a great place Southlake's unique and marketing campaign that FY 2022 to visit for shopping, dining, valued experiences rebuilds trust in the local recreation and overnight stays hospitality industry Support Businesses: Southlake is recognized as a city where the Identify needs and create business community is valued a service palette that offers EDA21 and nurtured through support specialized data analysis FY 2021 services which are relevant, services to businesses, helpful, welcoming and delivered featured on SelectSouthlake. in a timely manner with superior com customer service Support Businesses: Southlake Utilizing survey, economic is recognized as a city where the data and business visit business community is valued Customize city -services feedback, annually evaluate EDA22and nurtured through support to business and customer business assistance needs FY 2022 services which are relevant, needs and services and provide helpful, welcoming and delivered website updates (such as the in a timely manner with superior Business Resource Center) customer service to meet those needs Support Businesses: Southlake Continue the recruitment/ is recognized as a city where the expansion of local business community is valued businesses and market the EDA23 and nurtured through support participation of those local FY 2021 services which are relevant, businesses through paid, helpful, welcoming and delivered social media and website in a timely manner with superior communication channels customer service Collaborate for Success: Promote and facilitate Work with the Chamber The business community, networking opportunities of Commerce to provide in partnership with the City, for local business owners opportunities through the EDA24 will nurture the growth and (including opportunities year for businesses to FY 2022 prosperity of Southlake that consider social engage that also include businesses distancing practices) non-physical attendance (virtual) JO 0 v)2O35 A iding Principle Implementation LAU Vision Goal Statements Strategies Fiscal Year Elevate the Southlake Implement an annual, Brand and Value Communicate the advantages comprehensive Proposition: Southlake of Southlake's location, communication and EDA25 is recognized as a workforce and business marketing plan that promotes FY 2021 vibrant community where community Southlake's premier location, businesses thrive workforce and world class business community. Advertise Southlake's Elevate the Southlake premier location and Brand and Value showcase available land EDA26 Proposition: Southlake sites and commercial space FY 2021 is recognized as a opportunities through vibrant community where communication channels businesses thrive Position Southlake as the first such as e-blasts, social choice for location of targeted industries media and website featuring Elevate the Southlake Develop target industry Brand and Value profiles that promote EDA27 Proposition: Southlake Southlake and communicate FY 2022 is recognized as a our advantageous location, vibrant community where economy and community businesses thrive Support business success by increasing awareness of Promote new businesses Elevate the Southlake and appreciation for new and through the publication Brand and Value existing businesses through of a redesigned New Biz EDA28 Proposition: Southlake promoting business openings, List blog that includes new FY 2021 is recognized as a highlighting unique and/or businesses, relocations vibrant community where interesting existing businesses and expansion highlights; businesses thrive and featuring engagement selected grand openings, etc. efforts with businesses and strategic partners. Plan ID Guiding Principle /Vision Goal Statements Implementation Strategies Elevate the Southlake Brand and Successfully launch a newly Value Proposition: Southlake redesigned website and promote EDA29 is recognized as a vibrant it and the services it offers in FY 2021 community where businesses its first year of launching using thrive organic, paid and media content opportunities Support Businesses: Southlake is recognized as a city where the Create a newsletter and publish on business community is valued established schedule in addition EDA30 and nurtured through support to communicating "breaking news" FY 2021 services which are relevant, related to development and local helpful, welcoming and delivered Increase brand businesses (ongoing engagement) in a timely manner with superior customer service recognition and audience engagement Support Businesses: Southlake Establish a strategy and is recognized as a city where the supportive video library that business community is valued highlights and promotes local EDA31 and nurtured through support businesses, business partners FY 2022 services which are relevant, and notes why businesses choose helpful, welcoming and delivered (select) Southlake that is updated in a timely manner with superior annually customer service Elevate the Southlake Brand and Establish and maintain content Value Proposition: Southlake standards for website and social EDA32 is recognized as a vibrant channels (Facebook cover image FY 2022 community where businesses changes, website content review / thrive update schedule, etc.) Promote Tourism: Southlake Support local businesses through is recognized, both nationally the implementation of a marketing EDA33 and regionally, as a great place campaign targeted to visitors, FY 2022 to visit for shopping, dining, highlighting specific businesses recreation and overnight stays that draw larger volumes of people. Promote Tourism: Southlake Develop and implement an open is recognized, both nationally Position the City as for business marketing campaign EDA34 and regionally, as a great place the perfect location to promote the City's retail and FY 2022 to visit for shopping, dining, to visit for positive restaurant industries recreation and overnight stays experiences Promote Southlake as an ideal Promote Tourism: Southlake location for a weekend getaway is recognized, both nationally and overnight business travel EDA35 and regionally, as a great place through the execution of a FY 2022 to visit for shopping, dining, marketing campaign focused on recreation and overnight stays inspiring confidence in travel and targeted to visitors that visit the region most frequently